Crypto Steadies Into September's Pivotal Week
The market has held up well against recent macro volatility, with Bitcoin trading in a tight range between $109K–$113K and Ethereum consolidating between $4.2K–$4.5K. The clear catalyst front of mind is the upcoming September 17th FOMC meeting, where a rate cut is now fully priced in, with markets expecting at least a 25bps reduction.
Within altcoins, relative strength has been clear for select coins. Hyperliquid pushed to fresh all-time high of $55, while Solana tapped $219, its highest level since February, both continuing to stand out as leaders despite broader market consolidation.
Weekly Price Update
Dogecoin ETF Set to Make History
This week could mark a historic moment for the memecoin sector with the launch of the first U.S. Dogecoin ETF, according to Bloomberg analyst Eric Balchunas. DOGE, the original and largest memecoin boasts a $36B market cap, ranking it firmly inside the top 10 cryptocurrencies. While memecoins are often dismissed as purely speculative assets with little inherent utility, the approval of a listed ETF signals a new level of mainstream validation.
The impact could stretch well beyond Dogecoin itself. If the ETF attracts strong inflows, it has the potential to act as a catalyst for risk appetite, sparking renewed momentum across the broader meme sector. Already, CleanCore Solutions has acquired 285.42M DOGE, with the ambitious goal of building a 1B DOGE treasury within 30 days, a clear sign that institutional-style plays are beginning to emerge in a market once dominated entirely by retail enthusiasm.
All Eyes on the Fed: September 17th Rate Decision Looms
All eyes are on the upcoming FOMC meeting on September 17th, with markets fully pricing in a rate cut as the key driver of sentiment this month. The main concern now is the U.S. labour market, which continues to weaken. The August jobs report showed only +22K jobs added versus the +75K expected, a miss of over 70%. The unemployment rate has climbed to 4.3%, the highest level since 2021, clearly showing the trend of slowing job growth. If this persists, it signals the economy is cooling faster than the Fed anticipated, raising pressure to act decisively.
US Unemployment Rate
This matters because Fed policy pivots on inflation and employment, and with the labour market softening, critics argue Jerome Powell should have already started cutting earlier, something Trump was calling for months ago. For markets, lower rates represent the catalyst investors have been waiting for, easing pressure on households with mortgages, supporting hiring as companies regain confidence, and boosting disposable income.
The bigger picture is that lower rates weaken the U.S. dollar and redirects the massive pool of capital parked in money markets, which are currently holding around $7.4T (the highest ever) and earning 4–5% from high yields. Once those returns fall and the dollar tends to weaken, investors will be forced to look at other opportunities, pushing flows into assets like gold and Bitcoin, which historically filter down into riskier altcoins. According to the CME Group, the probability of a rate cut this month sits at 100%, with Bank of America forecasting two 25bps cuts in 2025, while Goldman Sachs expects three consecutive 25bps cuts in the months ahead. Still, this week’s CPI and PPI reports will be pivotal in shaping how quickly the Fed can move from here.
US Total Assets of Money Market Funds
Hyperliquid Momentum and Stablecoin Catalyst
This week, Hyperliquid (HYPE) has continued to deliver strong momentum, breaking to a new all-time high of $55 after testing the $50 range multiple times. Ideally, $50 now acts as a key support, with Hyperliquid’s price structure looking increasingly solid as it builds out one of the most important narratives in DeFi.
A key catalyst emerging is Hyperliquid’s plan to launch its own native stablecoin (USDH), reducing reliance on USDC and USDT. This is a highly bullish development as stablecoins are among the most profitable businesses in crypto, with USDT and USDC generating billions annually. If USDH can gain adoption, it opens a massive new revenue stream that will be directed back into HYPE buybacks, directly linking ecosystem growth to token price appreciation. With over $5B in stablecoin liquidity already on the platform, even partial adoption would significantly strengthen the ecosystem and support the token.
Of the proposals, a leading contender is a partnership with Paxos. USDH would be backed by high-quality reserves regulated by the New York Department of Financial Services. Paxos also brings major adoption rails through partnerships with PayPal and Venmo, providing seamless mainstream accessibility. Under this model:
- HYPE will be listed as a purchasable asset on PayPal and Venmo.
- USDH will be supported with free on/off ramps via PayPal, giving users frictionless entry and exit.
- 95% of yield generated would flow back into HYPE buybacks.
iPhone 17 Shows Bitcoin's Strengthening Purchasing Power
The release of the new iPhone 17 offers a clear reminder of Bitcoin’s growing purchasing power compared to the U.S. dollar. Priced at $799USD, the same as last year’s model, the iPhone 17 now costs just 0.007 BTC, down 48.6% from the 0.014 BTC needed for the iPhone 16. The difference isn’t in Apple’s pricing, it’s in Bitcoin’s appreciation. This is the essence of why Bitcoin is seen as a superior store of value: while fiat purchasing power erodes over time, Bitcoin’s continues to strengthen.
